Vivaloan offers customers an online personal loan marketplace connecting you with a lender based on your personal credit profile.
What is Vivaloan?
Vivaloan is an online personal loan marketplace. They have partnered with an array of lenders to provide you with different loan options ranging from $100 to $15,000. It is important to note that Vivaloan is not a lender, but instead provides its customers a service, connecting them to a lender.
Vivaloan is for a range of credit profiles
Vivaloan partners with a variety of lenders, allowing them to offer loans for customers with a wide range of criteria for the approval process. Their online marketplace is great for those that have had issues qualifying for loans in the past due to bad credit. Through Vivaloan, it is possible to qualify for a loan, regardless of past credit history.
However, be aware of the loan terms offered. The site gives no upfront information about APRs offered by its lending partners.
Loan Options
Vivaloan offers a variety of short term loans through its lenders. They offer different types of personal loans, such as payday loans, cash advances and installment loans.
Before deciding on using Vivaloan, consider the type of funds you need, whether you can afford to pay it back and the length of your loan term. It is important to remember that payday loans can provide you with quick cash, but usually have a high APR associated with it, leading you deeper into debt. It may be a necessary evil even if it’s not ultimately the best solution for your personal finance.
Their installment loan lenders may be a better option. These types of loans have predictable payments and fixed interest rates. Keep in mind that longer loan terms result in a higher cost to you over the life of the loan despite the lack of an origination fee.
How does it work?
In order to qualify, you must be at least 18 years old and have a provable source of income. Those are the minimum requirements to be connected with one of Vivaloan’s lenders.
There are few more things you need to know before using Vivaloan.
The Application Process
Vivaloan’s actual loan application process has two steps. The first is an online application through Vivaloan. This is used to match you with potential lenders and determine the amount of money you can get through your loan.
It is unclear if Vivaloan’s website performs a hard or soft credit inquiry. However, you will still need to provide them with personal identifying information including your Social Security number, driver’s license, bank account number, housing details, contact info, salary information and amount of money requested. They will also look into your credit history. After Vivaloan has this information, they will pass it along to its partner lenders and businesses.
After sharing your information, they will connect you with a potential lender and provide you with their loan terms. These offers should be reviewed before you decide to submit a formal application to the lender. Formal applications will usually result in a hard credit inquiry, which can negatively impact your credit score. In addition, Vivaloan does not guarantee the initial loan offer, meaning that it could change after submitting your formal application.
Repayment terms and loan uses
Vivaloan can be used for a variety of things, such as debt consolidation, medical bills, emergency expenses, renovations and car repair.
Repayment terms depend on the type of loan you are approved for. Repayment terms can last up to 60 months. Longer term plans may seem helpful, but you may end up paying more due to increased interest and more fees over the lifetime of the loan.
Who should use Vivaloan?
Vivaloan is great for people that do not have the best credit since they allow you to shop around and cast a wide net to see what you are eligible for. Always do research on the best rates and terms you can qualify for before applying.
However, Vivaloan also raises some red flags. Potential interest rates and terms are not available until you apply. Vivaloan also shares your personal information – including your financial account information – to lenders.
Additional important information about Vivaloan
- Vivaloan is not a financial institution, lender or bank: Instead, they are a financial service that connects with lenders for a loan.
- Vivaloan does not operate in all 50 states: Vivaloan is not available in West Virginia, New York or Washington D.C.
- Vivaloan offers fast funding: Upon approval, you can get your money the next business day.
- Vivaloan can help you rebuild your credit: Many of Vivaloan’s lenders report to credit lenders, meaning that a loan through their platform could give you the chance to rebuild your credit and establish a good repayment history.
How to apply for a loan
Vivaloan has an online application process. The following information is required:
- Your full name, email, phone number, date of birth and address
- Primary source of income, payment method, frequency and date of your next payday
- Your monthly income and employer information
- Your bank name, routing number and account number
- Your preferred loan amount, credit profile and reason you need the loan
